Ameriquest closes, Citigroup buys mortgage assets, Reuters, ameriquest mortgage.#Ameriquest #mortgage


Ameriquest closes, Citigroup buys mortgage assets

NEW YORK (Reuters) – Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications, spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC s chairman, according to their official U.S. government biographies. Roland Arnall remains the company s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

SCALE

Jeffrey Perlowitz, New York-based Citigroup s head of global securitized markets, said in a statement the transaction allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.

ACC Vice Chairman Adam Bass in a statement called the transaction a positive step for customers and employees.

ACC s spokesman Orlando declined to disclose Ameriquest s recent loan volumes.

Citigroup s purchase is scheduled to close on Saturday.


Subprime Lending and Subprime Loans, The Truth About, ameriquest mortgage.#Ameriquest #mortgage


Subprime Lending

Ameriquest mortgage

Subprime lending is best defined as offering financing to an individual with poor credit, low income, or limited documentation, who generally wouldn’t qualify for a mortgage at standard market rates or at all.

If a borrower fails to meet the requirements of the traditional banks and lending institutions out there, they must resort to using a subprime lender who in turn will offer a higher interest rate in exchange for elevated risk. Seems fair.

In short, if you present a higher risk of default to the lender, you must pay a higher rate of interest to compensate. Unfortunately, this is a bit of a catch-22, seeing that more risky borrowers with even higher interest rates are more likely to default. Think about that for a minute.

As a general rule, a borrower with a FICO score below 620 would fall into the subprime category, also known as “B paper” or “near-prime”. This is the best definition of subprime. It s pretty much credit score driven.

And if a consumer has a score this low, there is a good chance they have major derogatory accounts on their credit report, and/or possibly high credit utilization (maxed out credit lines).

Typically, a sub-620 credit score doesn’t just happen, and is usually the result of a collection, charge-off, bankruptcy, or another serious delinquency, such as a late mortgage payment, a short sale or foreclosure.

Typical Subprime Loan Offerings

Subprime offerings include standard loan programs geared towards borrowers with low credit scores, insufficient income and/or a high debt-to-income ratio that aren’t able to qualify with traditional lenders.

These types of lenders may also offer loans with high loan-to-value ratios (LTV) and limited documentation, or a combination of the aforementioned that make for aggressive lending practices traditional banks may deem too risky.

In essence, you can get the same exact 30-year fixed or 5/1 ARM with a subprime lender or a prime lender, but the distinguishing characteristic will be the interest rate you receive.

Many subprime critics also consider interest-only loans, negative-amortization loans, and generally any non-fixed mortgage to be subprime, although that view is somewhat extreme and more opinion than fact.

Note: Some even characterize FHA loans as subprime, seeing that the minimum credit score is 500 and the max LTV is 96.5%. But because such loans are government-backed, they re viewed as more regulated and thus safer than conventional offerings.

How Subprime Came to Be

So how did the subprime lending industry get its start? Well, as mortgage rates dropped and home buying became wildly popular, many prospective homeowners sought financing but were turned away from traditional banks and mortgage lenders. This created a new, extremely large demographic that was without financing. Enter opportunity.

Proponents of subprime lending realized the demand for homeownership and refinancing despite imperfect credit and jumped on this untapped customer base, offering similar, if not more aggressive mortgage programs at a premium.

These subprime lenders were able to find investors to sell the loans on the secondary market, even those with low FICO scores and limited documentation, despite the obvious risk.

The practice was justified because it allowed otherwise good borrowers with an imperfect credit history to receive home loan financing, which in theory is said to spur the economy and increase spending and employment rates.

Why Subprime Lending Worked

Subprime lenders and the secondary investors that backed them decided to take on more risk because of rising property values, as the risk was reduced two-fold.

First, with property values on the rise, subprime borrowers were able to gain home equity despite paying less than the fully amortized payment or interest-only payments each month because of the appreciation.

Secondly, lenders reduced their risk exposure because the rising market provided equity to the homeowners, which was enough collateral to refinance the loan to a lower payment option (or new teaser rate) to avoid foreclosure, or at the very least, sell the property for a small profit.

Unfortunately, this formula was clearly flawed, and once home prices stagnated and dropped, a flood of mortgage defaults and foreclosures hit the market. Now almost all secondary investors have backed out, leaving subprime lenders with no capital and a lot of closed doors.

Subprime lending was never short of critics. Many felt subprime lenders were acting as predatory lenders, offering risky mortgage programs at unreasonable costs, often pushing under-qualified borrowers into poorly explained loan programs such as option-arms and interest-only home loans, leaving them with mountains of debt.

Now these borrowers, who were essentially destined to fail, have few options to avoid foreclosure.

In late 2006 and early 2007, many of the largest subprime lenders closed shop, including Fremont, New Century, Ameriquest, and many, many more. Too many to list to be honest.

I d add a list of subprime lenders, but there aren t any left here is a general list of closed lenders, many of them subprime.

Nowadays if you re looking for a subprime loan, you can either check out government programs like the FHA or seek out a non-QM lender, the latter of which offers more accommodating financing alternatives.


Ameriquest closes, Citigroup buys mortgage assets #mortgage


#ameriquest mortgage

#

Ameriquest closes, Citigroup buys mortgage assets

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

By Jonathan Stempel | NEW YORK

NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

Citigroup’s purchase is scheduled to close on Saturday.

(Additional reporting by Dan Wilchins)


In re Ameriquest Mortgage Co #mortgage #estimate


#ameriquest mortgage

#

In re Ameriquest Mortgage Co. Mortgage Lending Practices Litigation

United States District Court for the Northern District of Illinois
2007 U.S. Dist. LEXIS 70805 (N.D. Ill. 2007)

Facts

Skanes (plaintiff) alleged that she signed a mortgage with Ameriquest Mortgage Co. (Ameriquest) (defendant), which ordered an appraisal of the home Skanes was to purchase. Skanes alleged that Ameriquest and the appraiser inflated the value of the home to increase the loan amount and therefore Ameriquest’s profit. In her complaint, Skanes asserted a federal claim under the Truth-in-Lending Act (TILA) and state law claims for fraud.

Rule of Law

The rule of law is for members only. To access this section, please give Quimbee a try, it s free to get started .

Issue

The issue section is for members only and includes the dispositive legal issue in the case phrased as a question. To access this section, please give Quimbee a try, it s free to get started .

Holding and Reasoning Aspen, J.

The holding and reasoning section is for members only and includes:

  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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Ameriquest closes, Citigroup buys mortgage assets #mortgage #rate #calculator #with #taxes


#ameriquest mortgage

#

Ameriquest closes, Citigroup buys mortgage assets

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

By Jonathan Stempel | NEW YORK

NEW YORK Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation’s housing market slump.

Citigroup Inc ( C.N ), the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.

The acquisition includes the right to collect payments on, or service, $45 billion of loans. About 2,000 employees work for that operation. A small amount of other loans and assets were also included.

Ameriquest was the first major subprime lender to downsize in the current housing cycle, deciding in May 2006 to close all 229 retail branches and cut 3,800 jobs.

Since then, subprime lenders, which make loans to people with weak credit, have faced a downturn. Home prices have declined, defaults have risen and investors have stopped buying many home loans that were being made.

Many subprime lenders have filed for bankruptcy protection in the last year, sold themselves or shut down.

U.S. President George W. Bush said on Friday the government would try to keep some borrowers from defaulting, but would not bail out lenders.

Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks.

ACC “is preparing the orderly wind down of its retail mortgage business, which is no longer accepting applications,” spokesman Chris Orlando said.

Billionaire Roland Arnall, now the U.S. ambassador to the Netherlands, founded ACC in 1979, and his wife, Dawn, is ACC’s chairman, according to their official U.S. government biographies. Roland Arnall remains the company’s principal owner, Orlando said.

Citigroup obtained an option to buy the assets in February as part of an agreement to provide funding to keep Orange, California-based ACC in business.

Citi said in a statement it would expand its efforts to make sure distressed borrowers get to stay in their homes.

Jeffrey Perlowitz, New York-based Citigroup’s head of global securitized markets, said in a statement the transaction “allows Citigroup to secure valuable and scalable platforms in a market undergoing significant change.”

ACC Vice Chairman Adam Bass in a statement called the transaction “a positive step” for customers and employees.

ACC’s spokesman Orlando declined to disclose Ameriquest’s recent loan volumes.

Citigroup’s purchase is scheduled to close on Saturday.

(Additional reporting by Dan Wilchins)


Ameriquest settles 29 class-action lawsuits #midland #mortgage


#ameriquest mortgage

#

Ameriquest settles 29 class-action lawsuits

Agreeing to settle 29 class-action lawsuits alleging predatory lending, the Ameriquest group of subprime lenders has pledged $22 million to repay aggrieved borrowers and their lawyers — a fraction of its payments in previous suits before it shut down as the mortgage meltdown set in.

The agreement potentially affects 712,000 borrowers from what once was the nation’s largest subprime lender, based in Orange County. Many of the loans were from Argent Mortgage Co. an arm that funded borrowers through mortgage brokers.

Also settling were AMC Mortgage Services Inc. Bedford Home Loans Inc. Town & Country Credit Corp. Olympus Mortgage Co. and Ameriquest Mortgage itself.

The proposal, filed in U.S. District Court in Chicago last month, bars parties from discussing it. Its terms were spelled out in the letters mailed to borrowers beginning last week and online at https://ameriquestmdlsettlement.com .

The agreement covers loans as far back as Dec. 14, 2001, and sorts claims into five categories, including hefty upfront charges, interest rates that were higher than promised by nine-tenths of a percentage point or more, and loans with variable rates when fixed rates were promised.

Payments to borrowers will vary depending on the relative strengths and potential damages of each type of claim.

The proposal excludes borrowers who accepted previous individual and class-action settlements.

Those include Ameriquest’s 2006 payment of $325 million to end an investigation by 49 state attorneys general who alleged it had deceived borrowers, falsified loan documents and pressured appraisers to overstate home values; and a San Mateo County private-party lawsuit on behalf of California, Texas, Alabama and Alaska borrowers that the company settled for $50 million in 2005.

The attorneys general settlement provided an average of more than $900 for borrowers who accepted it.

By contrast, the class-action settlement, which must be approved by a federal judge, works out to a bit more than $30 for each potential class member, and only $20 after administrative costs and the proposed distribution of $7.3 million in legal fees.

Because nonbank lenders such as Ameriquest sold their loans, they maintained very little capital and had few assets to recover when they closed up shop, said Benjamin G. Diehl, a deputy attorney general for California who helped craft the states’ agreement with Ameriquest.

“Unfortunately, there isn’t much left for borrowers,” Diehl said.

The borrowers have until Feb. 22 to opt out of the settlement if they wish to pursue their own lawsuits. To receive settlement funds, they must fill out and submit a claim form no later than March 9. If they do neither, they would get no money and give up all rights to pursue damages.

Class-action lawyer Robert Green of San Francisco said about 20% of such claim forms typically are returned.

If that occurs in the Ameriquest class actions, it would boost recovery to an average of about $100 per claim.

The settlement includes no payment from the estate of Ameriquest founder Roland E. Arnall, a billionaire who died in 2008, or from the Wall Street firms that funded subprime lenders and transformed the loans into securities that proved toxic when the housing bubble burst.

“The abettors on Wall Street. got away untouched,” said Christopher L. Peterson, a University of Utah law school associate dean who has testified to Congress about his research into subprime lending.


Ameriquest – Online Mortgage Information and Lender Directory #mortgage #rates #news


#ameriquest mortgage

#

Ameriquest

Ameriquest Mortgage Company is one of the nation s oldest and largest home-equity lenders. Ameriquest is proud of their history of making credit accessible to homeowners, helping customers gain a fresh financial start, realize a dream and make homeownership a reality.

Ameriquest believes consumers should (1) receive clear and timely disclosures of the terms of a proposed loan and their options; (2) have adequate time to evaluate and negotiate those terms and; (3) have the ability to obtain the advice of independent advisors as to whether the loan is one they should accept.

As part of this philosophy, Ameriquest has made the decision not to quote rates on their website. “Those rates you see published represent the lowest rate you could possibly receive — a combination of circumstances involving the size of your loan, type of property, credit rating and more,” they explain, going on to say, “You may qualify for that rate. Then again, there’s a chance you won’t.” They elaborate, stating that every loan is a separate case, and every application is evaluated so that a loan can be tailored to individual needs.

Ameriquest Mortgage Loan Options

Ameriquest lends in most of the United States, though they do not do loans at all in Virginia, West Virginia, or Nebraska. Their niche is largely subprime, and they specialize in debt consolidation loans for medium- to high-risk borrowers. In addition they do offer Fixed Rate Mortgages. Adjustable Mortgages (ARM). Interest Only Loans. LIBOR. Cash Out Loans, Refinance Loans. Second Mortgages. Home Purchase Loans, Reverse Mortgages. Home Equity Lines of Credit (HELOC). or Home Equity Mortgage Loans .

Unlike many mortgage lenders, Ameriquest retains the servicing on all their loans, so the list of “best practices” on their website encompasses all aspects of the mortgage loan transaction, not just the origination phase, and includes points on encouraging the use of escrow accounts (impounds for those on the West Coast) and their innovative offer of a seven day rescission period on refinances, instead of the federally mandated three days.

Ameriquest in the Community

In addition to mortgage lending, Ameriquest is an active sponsor of many cultural and sporting events, including the Ameriquest Field ballpark in Arlington Texas. As well, it s philanthropic mission Soaring Dreams is involved in literacy programs throughout the country.

Ameriquest lends throughout the United States, and is subject to the laws of the state in which specific property is located.

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states. Mortgage Info makes no representation, express or implied, that you will receive a quote from any companies profiled on this site.

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.


Ameriquest Mortgage Company Phone Number #calculate #mortgage #payment


#ameriquest mortgage

#

Tired of spelling your name over the phone?

Ameriquest Mortgage Company

Ameriquest Mortgage Company Phone Number

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Please do not contact Next Caller for your Ameriquest Mortgage Company customer service needs, we are only a phone number directory.

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Ameriquest settles 29 class-action lawsuits #mortgage #calclator


#ameriquest mortgage

#

Ameriquest settles 29 class-action lawsuits

Agreeing to settle 29 class-action lawsuits alleging predatory lending, the Ameriquest group of subprime lenders has pledged $22 million to repay aggrieved borrowers and their lawyers — a fraction of its payments in previous suits before it shut down as the mortgage meltdown set in.

The agreement potentially affects 712,000 borrowers from what once was the nation’s largest subprime lender, based in Orange County. Many of the loans were from Argent Mortgage Co. an arm that funded borrowers through mortgage brokers.

Also settling were AMC Mortgage Services Inc. Bedford Home Loans Inc. Town & Country Credit Corp. Olympus Mortgage Co. and Ameriquest Mortgage itself.

The proposal, filed in U.S. District Court in Chicago last month, bars parties from discussing it. Its terms were spelled out in the letters mailed to borrowers beginning last week and online at https://ameriquestmdlsettlement.com .

The agreement covers loans as far back as Dec. 14, 2001, and sorts claims into five categories, including hefty upfront charges, interest rates that were higher than promised by nine-tenths of a percentage point or more, and loans with variable rates when fixed rates were promised.

Payments to borrowers will vary depending on the relative strengths and potential damages of each type of claim.

The proposal excludes borrowers who accepted previous individual and class-action settlements.

Those include Ameriquest’s 2006 payment of $325 million to end an investigation by 49 state attorneys general who alleged it had deceived borrowers, falsified loan documents and pressured appraisers to overstate home values; and a San Mateo County private-party lawsuit on behalf of California, Texas, Alabama and Alaska borrowers that the company settled for $50 million in 2005.

The attorneys general settlement provided an average of more than $900 for borrowers who accepted it.

By contrast, the class-action settlement, which must be approved by a federal judge, works out to a bit more than $30 for each potential class member, and only $20 after administrative costs and the proposed distribution of $7.3 million in legal fees.

Because nonbank lenders such as Ameriquest sold their loans, they maintained very little capital and had few assets to recover when they closed up shop, said Benjamin G. Diehl, a deputy attorney general for California who helped craft the states’ agreement with Ameriquest.

“Unfortunately, there isn’t much left for borrowers,” Diehl said.

The borrowers have until Feb. 22 to opt out of the settlement if they wish to pursue their own lawsuits. To receive settlement funds, they must fill out and submit a claim form no later than March 9. If they do neither, they would get no money and give up all rights to pursue damages.

Class-action lawyer Robert Green of San Francisco said about 20% of such claim forms typically are returned.

If that occurs in the Ameriquest class actions, it would boost recovery to an average of about $100 per claim.

The settlement includes no payment from the estate of Ameriquest founder Roland E. Arnall, a billionaire who died in 2008, or from the Wall Street firms that funded subprime lenders and transformed the loans into securities that proved toxic when the housing bubble burst.

“The abettors on Wall Street. got away untouched,” said Christopher L. Peterson, a University of Utah law school associate dean who has testified to Congress about his research into subprime lending.


Ameriquest – Online Mortgage Information and Lender Directory #mortgage #calculator #taxes #insurance


#ameriquest mortgage

#

Ameriquest

Ameriquest Mortgage Company is one of the nation s oldest and largest home-equity lenders. Ameriquest is proud of their history of making credit accessible to homeowners, helping customers gain a fresh financial start, realize a dream and make homeownership a reality.

Ameriquest believes consumers should (1) receive clear and timely disclosures of the terms of a proposed loan and their options; (2) have adequate time to evaluate and negotiate those terms and; (3) have the ability to obtain the advice of independent advisors as to whether the loan is one they should accept.

As part of this philosophy, Ameriquest has made the decision not to quote rates on their website. “Those rates you see published represent the lowest rate you could possibly receive — a combination of circumstances involving the size of your loan, type of property, credit rating and more,” they explain, going on to say, “You may qualify for that rate. Then again, there’s a chance you won’t.” They elaborate, stating that every loan is a separate case, and every application is evaluated so that a loan can be tailored to individual needs.

Ameriquest Mortgage Loan Options

Ameriquest lends in most of the United States, though they do not do loans at all in Virginia, West Virginia, or Nebraska. Their niche is largely subprime, and they specialize in debt consolidation loans for medium- to high-risk borrowers. In addition they do offer Fixed Rate Mortgages. Adjustable Mortgages (ARM). Interest Only Loans. LIBOR. Cash Out Loans, Refinance Loans. Second Mortgages. Home Purchase Loans, Reverse Mortgages. Home Equity Lines of Credit (HELOC). or Home Equity Mortgage Loans .

Unlike many mortgage lenders, Ameriquest retains the servicing on all their loans, so the list of “best practices” on their website encompasses all aspects of the mortgage loan transaction, not just the origination phase, and includes points on encouraging the use of escrow accounts (impounds for those on the West Coast) and their innovative offer of a seven day rescission period on refinances, instead of the federally mandated three days.

Ameriquest in the Community

In addition to mortgage lending, Ameriquest is an active sponsor of many cultural and sporting events, including the Ameriquest Field ballpark in Arlington Texas. As well, it s philanthropic mission Soaring Dreams is involved in literacy programs throughout the country.

Ameriquest lends throughout the United States, and is subject to the laws of the state in which specific property is located.

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states. Mortgage Info makes no representation, express or implied, that you will receive a quote from any companies profiled on this site.

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.